Bitcoin Forum
December 10, 2016, 03:26:46 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 [4]  All
  Print  
Author Topic: RFC -- Distributed Bitcoin Stock Exchange (DBSE)  (Read 9638 times)
markm
Legendary
*
Offline Offline

Activity: 1792



View Profile WWW
July 10, 2012, 09:32:30 PM
 #61

The Open Transactions server thread fellowtraveler mentioned is at https://bitcointalk.org/index.php?topic=53329.0

I know this current thread I am posting to is old, but I deliberately went searching for threads about distributed stock exchanges to make sure that what seems to have turned out to be a major problem for various steps in such directions has been mentioned.

I see that it did receive one small mention toward the end of the thread, but hopefully it can bear more thought.

The problem is that even with the implementation of merged mining to make adding more blockchains to one's mix when mining relatively cheap, the reactions encountered by various chains have taught us that even with merged mining the miners demand an impractical percentage of the entire market cap of the issued securities / coins / tokens. In short, they want to own them all, one hundred percent of all issued assets! That is totally prohibitive and makes the entire concept of using blockchains for issues belonging to anyone other than miners pretty much ruled out from the get-go.

Then too, even beyond demanding 100% of the total worth of any blockchains they touch, miners also have shown a willingness, even a desire, to conspire to attack blockchains or, failing directly contributing themselves to the attack, at least a desire to have others perform such attacks so they can gleefully sit back and laugh. And let us be clear here, this is not how they treat chains that fail to hand over to them 100% of the chain's assets, oh no, this is how they treat even chains that do hand over 100% of their assets to the miners!

At least two corps (General Mining Corp and General Retirement Corp) issued what amounted to "preferred shares" in blockchain form, but, along with several other assets that once upon a time were implemented using blockchains, they have been forced to scrap the blockchain approach for now in favour of using Open Transactions.

Coins on a blockchain amount in practice pretty much to some form of share of the total economy of that asset. So far DeVCoin is the only blockchain predicated upon not giving 100% of its assets to miners that is still running in blockchain form instead of having switched over to using Open Transactions.

Really think about this. It is comically imbecilic, it would sound like fiction, so ridiculous as not to be believable, to anyone not familiar with the history of blockchain based assets that even when 100% of the assets were to be seized by the miners at the very moment and by the very method of their issuance, miners prefer to destroy all possible value of such assets. I am not sure if that is more worthy of Kafka or Monty Python or some Dadaist or what.

SInce the initial move of several assets that had been implemented as blockchains over to Open Transactions format and to trading on the Digitalis Open Transactions server, new assets have basically given up on the blockchain concept for now and have been starting out from inception on the Open Transactions server.

-MarkM-

Browser-launched Crossfire client now online (select CrossCiv server for Galactic  Milieu)
Free website hosting with PHP, MySQL etc: http://hosting.knotwork.com/
1481340406
Hero Member
*
Offline Offline

Posts: 1481340406

View Profile Personal Message (Offline)

Ignore
1481340406
Reply with quote  #2

1481340406
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481340406
Hero Member
*
Offline Offline

Posts: 1481340406

View Profile Personal Message (Offline)

Ignore
1481340406
Reply with quote  #2

1481340406
Report to moderator
1481340406
Hero Member
*
Offline Offline

Posts: 1481340406

View Profile Personal Message (Offline)

Ignore
1481340406
Reply with quote  #2

1481340406
Report to moderator
1481340406
Hero Member
*
Offline Offline

Posts: 1481340406

View Profile Personal Message (Offline)

Ignore
1481340406
Reply with quote  #2

1481340406
Report to moderator
jtimon
Legendary
*
Offline Offline

Activity: 1246


View Profile WWW
July 10, 2012, 10:25:27 PM
 #62

Are you saying that someone has implemented a chain with assets that can be issued by any keypair (instead of only for miners) and the chain has been destroyed by a pool that doesn't know what it's mining for?
Do you have a link for that?
They have implemented the base of ripplecoin. Anyway, the current design of the Ripple distributed protocol is better than ripplecoin because it has instant payments.
I think OT is currently the more "trust-less" (well you always trust the minter of the substitute/IOU ("untraceable cash" in OT terms): mtggoxUSSSD, mtgoxBTC...) solution for decentralized exchange of digital assets/promises. But Ripple will be better. What will it miss that OT has (for decentralized trading of crypto-assets)?

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
fellowtraveler
Sr. Member
****
Offline Offline

Activity: 440


View Profile
July 11, 2012, 12:48:27 AM
 #63

I think OT is currently the more [snip]. But Ripple will be better. What will it miss that OT has (for decentralized trading of crypto-assets)?

When will people understand...

It's not OT or Ripple. It's OT and Ripple.

It's not Bitcoin or gold. It's Bitcoin and gold.

It's not either/or -- the future that is coming, is a combination of all of these things.

co-founder, Monetas
creator, Open-Transactions
Bitcoin Oz
Hero Member
*****
Offline Offline

Activity: 700


Wat


View Profile WWW
July 11, 2012, 12:57:20 AM
 #64

Ripple credit card ftw.

If you could have a normal chip and pin or swipe card that ties into the ripple system it could be a killer feature.

Bitcoin Oz
Hero Member
*****
Offline Offline

Activity: 700


Wat


View Profile WWW
July 11, 2012, 01:05:03 AM
 #65

If glbse supports importing your assets to open transactions that would be a nice feature.

jtimon
Legendary
*
Offline Offline

Activity: 1246


View Profile WWW
July 11, 2012, 06:14:39 AM
 #66

I think OT is currently the more [snip]. But Ripple will be better. What will it miss that OT has (for decentralized trading of crypto-assets)?

When will people understand...

It's not OT or Ripple. It's OT and Ripple.

It's not Bitcoin or gold. It's Bitcoin and gold.

It's not either/or -- the future that is coming, is a combination of all of these things.

Yes, I agree. Furthermore, OT can implement the Ripple distributed protocol.
But I mean specifically for the trades. Then the dividends for bonds, and a lot of other things can be managed well through OT.
Does Ripple lacks something for trades of crypto-assets that make OT preferable (for that particular task)?
As said, at the moment OT is the solution that needs less trust IMO.

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
barwizi
Legendary
*
Offline Offline

Activity: 798


NoirTeam


View Profile
February 05, 2014, 12:10:45 PM
 #67

Did this die?

BTC-18NNZG8yypWWnmmFjLtT933mDiyV9689P9

OPINION does not constitute FACT
iram5104
Newbie
*
Offline Offline

Activity: 4


View Profile
February 05, 2014, 01:28:15 PM
 #68

any update on this?
Pages: « 1 2 3 [4]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!